What your home is worth – Valuer-General’s third-quarter figures

Adelaide’s median house value has hit a new record. Find out what it is and the areas prices are growing - plus see the median value in your suburb.

Adelaide’s median house value has continued its climb, with the latest Valuer-General’s figures showing the average home across metropolitan Adelaide has increased by $12,000 over the past quarter to a record $712,000.

This represents a daily earning of $33, or $1.37 per hour on a metropolitan median-priced house.

In comparing this year’s second and third quarter figures, it was a similar story right across SA, with the statewide median house value increasing by $15,000 over the past three months.

This represents an increase of $41 per day, or $1.71 per hour.

The median metropolitan unit and apartment value is also up $15,000, or $41 per day to a $500,000 median, while median-priced unit and apartment values in the city increased by $10,000 or $27 per day over the past three months to $455,000.

Real Estate Institute of South Australia chief executive officer Andrea Heading said while sales were notably down for the quarter – 5556 compared with 6167 for the previous quarter and 6480 sales for 2022’s third quarter – consumer confidence had kept prices up.

“It is clear that purchasers are still willing to enter the real estate market and to pay premium prices for properties that are realistically and transparently priced,” she said.

“While there was a drop in the sales volume, our members advise us that interest and attendances at open inspections are still strong with the fundamentals of the South Australia’s real estate market remaining robust.”

Of suburbs to have recorded at least 10 sales for this year and last’s third quarters, Bridgewater in the Adelaide Hills, experienced the greatest percentage increase, with the median up 38.4 per cent, or $273,000.

This represents an increase of $748 per day, or $31 per hour over the past 12 months.

Harris real estate agent Tamara Gertig who sells and lives in Bridgewater said Bridgewater was a popular alternative to the more expensive Aldgate and Stirling.

“It’s always been a bit of a secret but now it’s on the map and people realise it offers just as much, if not a better lifestyle,” she said.

“People are time poor and not everyone is wanting a huge block, whereas the average block size in Bridgewater is a quarter of an acre.

Tamara Gertig of Harris Real Estate. Supplied

Ms Gertig said demand for Bridgewater homes was fuelled by the Covid pandemic.

“We’re seeing a lot of buyers that were brought up in the Adelaide Hills and moved away now wanting to come back and raise their children here,” she said.

“There are a lot of young families, and I’m still getting strong inquiries from interstate buyers.

“I think Bridgewater’s buzz is going to continue to rise.”

Jo Wallace outside her sold house in Bridgewater. Picture: Matt Loxton

Registered nurse and medical sales representative Jo Wallace, 54, has been a Bridgewater resident for the past 19 years and just sold her 12 Cave Ave home.

She said she has seen house prices go through the roof in the area in recent years and was thrilled with the price she got.

“We bought out house for $300,000 19 years ago and we just sold it for $1.3m,” she said.

“Admittedly we did do a lot of work to it, but we never expected to reap that much back.

“Our house was valued at about $700,000 back about four years ago, so in the past four years our house value has nearly doubled, which is madness.

Mrs Wallace said Bridgewater offered a fantastic family-friendly lifestyle.

“I love it here,” she said. “It’s quiet – there are no footpaths and no streetlights which means we get to see the stars and it’s really peaceful.”

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In terms of dollar growth, Somerton Park homeowners have plenty of reasons to smile, with their median value up $418,000, $1145 per day or $48 per hour, over the past 12 months to $1.75m.

As for top-performing councils – Walkerville was the star for the quarter, with values up 37.5 per cent, while Holdfast Bay topped the LGAs for 12 month growth, with median values up 37.1 per cent.

Glenelg Marina in the Holdfast Bay council. Picture: Ben Clark

Millicent was the top-performing town for the quarter – with the median house value up 27.88 per cent – while Naracoorte showed the strongest 12 month growth at 34.96 per cent.

Mrs Heading said while the value growth was positive access to available housing was still an issue in SA’s regions.

“South Australia’s regional real estate market continues to do well but is still significantly impacted by the current economic climate and lack of adequate and affordable housing supply,” she said.

“REISA is well placed to advocate for policies and strategies that address these issues and we will continue to do so.”